Nitrogen fixation biofertilizers were the most dominant product in the market and accounted for over 75% in 2012. Increasing prices of nitrogen fixation chemical fertilizers has also had an impact on driving biofertilizer adoption rate. Phosphate solubilizing biofertilizers are expected to witness fastest growth over the forecast period. The primary applications of biofertilizers include seed treatment and soil treatment, with seed treatment being the dominant application. However, soil treatment is the dominant application in Asia Pacific due to the preference on biofertilizers over chemical fertilizers on account of the lower price.

The global biofertilizers market is expected to reach USD 1,294.8 million by 2020, growing at a CAGR of 15.4% from 2013 to 2020.

North America and Latin America dominated the biofertilizers market in 2012, together accounting for over 60% of the market revenue. The growing consumer preference towards organic food coupled with increasing environmental hazards associated with chemical fertilizers is expected to drive the market in these regions.

Argentina and Brazil, which are a part of the rest of the world segment, are expected to witness fastest growth over the forecast period due to the high rate of adoption of biofertilizers in these countries. Asia pacific would also witness significant growth on account of increased consumption in India and China due to the lower cost as compared to chemical fertilizers.

The global biofertilizer market is highly fragmented with a large number of small local manufacturers operating in the market. Some of the major companies operating in the global market for biofertilizers include CBF China Biofertilizers, Novozymes, Biomax, Nutramax Laboratories and Mapleton Agribiotec among others.

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